KYC (know your customer) is a policy most commonly practiced and upheld by crypto exchanges working around the globe. According to this specific policy, any and all customers looking forward to registering themselves with a respective crypto exchange must declare any personal information such as their name, address, business credentials, and more. Binance, the world’s most efficient crypto exchange, has only recently made KYC an integral part of the registration for present and upcoming clients.
This has been done in the eyes of emerging political and regulatory pressure on the exchange as it has made some blunders in the past that have seriously rebuked its trust among world officials. Now it seems that Binance is not ready to take any risks and, therefore, will be implementing harsh regulatory protocols.
Binance is Going to Impose Regulatory Measures Amid Regulatory Pressure
The world regulatory standards have gone up, and that is why Binance is taking every step to ensure that it can very well stand by these standards and provide the best and most protected crypto-oriented service to its current and upcoming customers. The first step in this whole process is to provide the exchange with a duly scanned copy of a government-issued ID and the most recent picture of the user for facial verification.
And for those who are active members of Binance but still haven’t completed their KYC verification, their access to their own accounts will be limited to ‘withdrawal’ only. This means that they won’t be able to credit their account, neither with cryptocurrency nor fiat, and the only thing that they can do is withdraw their funds. This is a strange practice by Binance, but it is the only one that is going to make all those customers respect the regulations and fill up their KYC queries. Another thing that you should be aware of is that Binance offers the maximum withdrawal of 2 BTC, but for the non-verified accounts, this value drops all the way to 0.06 BTC until unless they don’t fill up their KYC and submit it in the allotted time.
